Credit Card Alternatives Have Benefits

Credit cards can be a valuable tool, allowing you to make purchases with credit from the bank or retailer, as issuers. You must pay these debts back.

For disciplined cardholders, who pay their monthly bills in full, credit cards are a convenient tool. However, Americans carry an average balance of $6,354 at the average 16.28% interest rate.

Many people believe a credit card is essential. Roughly 83% have at least one credit card in their wallets, and 52% are carrying a balance. Here are the Alternatives To Credit Cards.

1. Store Credit Cards

Typically, the sales clerk will often talk to their customers at the point of sale, asking if you have their branded store card. Your arms may be holding a significant load of purchases and a credit card.

But before you answer their question, they are offering a 10% discount on your purchases. Oh, and it will only take ten minutes more.

A gift card is a stored-value card containing a specific dollar amount for future discretionary spending. There is usually an expiration date that can be short term. Once the card’s sum is spent down or has expired, the card no longer has any value.

2. Gift Cards

There has been a significant rise in mobile commerce, ushered with new technology in recent years. Electronic mobile wallets like Apple Pay and Google Pay are widely accepted digital cards linked to your credit and debit cards.

3. Apple Pay

4. Cash And Checking Accounts

They say cash is king, and for many, it remains an essential alternative to credit cards. It doesn’t provide points, miles, or rewards and may not be accepted everywhere. Cash is not convenient to carry and is easily lost and stolen.

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